Credit Debt Bankruptcy - The Best Debt Relief Alternatives To Filing Bankruptcy

Credit Debt Bankruptcy - The Best Debt Relief Alternatives To Filing Bankruptcy "Do you have excessive credit card debt and consider bankruptcy to be your only option for relief? No longer is bankruptcy an advantageous financial option, as it once was. Newly enacted federal laws make bankruptcy considerably less appealing and improve other debt relief options.There are several alternatives to bankruptcy for debt relief. Counseling for credit is one of these. Credit counseling services negotiate and reduce the interest rates on all of your credit card obligations and consolidate them into a single monthly payment. This payment is typically the aggregate of all minimum payments, and the average payback period ranges from 5 to 9 years. If you have multiple high-interest accounts and wish to consolidate them into one simple payment, credit counseling may be a suitable option. However, the greatest disadvantage of credit counseling is that they are extremely rigorous and will typically expel clients after only a few late payments. It is essential that you are able to comfortably make the monthly payment every month.If you are unable to meet your minimum payments, you essentially have two options. Debt settlement and bankruptcy. Debt settlement permits consumers to negotiate and settle for a lower balance on their unsecured debts. The typical settlement amount is approximately fifty percent of the outstanding balance, but case-by-case outcomes vary.The 27th of October, 2010 saw the passage of new federal laws that greatly improve the debt settlement process for consumers and small businesses. Now, consumers who enroll in a debt settlement program will not be required to pay any fees until their debts are resolved. Consequently, this is now a much less risky debt relief option and a plainly superior alternative to declaring bankruptcy.
" - https://www.affordablecebu.com/